BKW had already declared on 4 July 2005 that, together with appropriate consortium partners, it was prepared to take over the entire UBS stake in Motor Columbus (MC) in the interest of providing a practical and sustainable Swiss industrial solution for Aare-Tessin Ltd for Electricity (Atel) of Olten, which is controlled by MC. On 21 July 2005 BKW announced that, despite being rejected by UBS on no material grounds, its offer still stands. AEM's participation in the BKW offer meets the criteria defined by UBS for a sustainable Swiss industrial solution for Atel. On the one hand, AEM is an important player on the Italian market: a particularly important market for Atel. AEM's offer is therefore of major relevance for the future industrial success of Atel in Italy. On the other hand, a minority stake within the boundaries offered by AEM does not stand in the way of a sustainable Swiss solution.

BKW FMB Energy Ltd.